ING to adopt framework for compensation of Dutch SME clients with interest rate derivatives
Amsterdam, 5 July 2016 08:18 CET
ING announced today that it will adopt the framework for compensation of Dutch SME clients with interest rate derivatives, as presented by the committee of independent experts. As a consequence, ING expects to increase its provision for this issue by around EUR 150 million, to be booked in the second quarter of 2016.
As described in ING’s 2015 Annual Report, ING and other banks have been reviewing derivative contracts which were sold in previous years to Dutch SME clients. In March 2016 the Minister of Finance appointed a committee of three independent experts to determine a uniform framework to assess the derivative contracts in scope in order to compensate clients where appropriate.
Note for editors
ING will inform customers in scope on the framework, process and timelines. Further information can be found on the website of ING’s Dutch retail bank www.ing.nl.
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